Why are Trafigura and Vitol increasing Venezuelan oil sales to Asia now?

Trafigura and Vitol are expanding Venezuelan oil sales to Asia because Venezuela’s crude production is rising to a seven-year high—approaching pre-2019 sanction levels—while the Iran war disrupts Middle Eastern supply routes, particularly tanker traffic through the Strait of Hormuz; simultaneously, the US market is saturated, and China—the former top Asian buyer—has made no purchases since the Trump administration moved to control Venezuela’s oil sales.

Which Asian countries and facilities have recently received Venezuelan oil from Trafigura and Vitol, and for what purpose?

Trafigura delivered Venezuelan Merey 16 crude to a South Korean refinery and to Malaysia’s Melaka refinery—operated by Petronas—which uses heavy Venezuelan oil as feedstock for asphalt production; Vitol unloaded 2 million barrels of Merey 16 into floating storage off Malaysia’s coast, where large cargoes are typically broken down for distribution to end users.

Trafigura and Vitol Sell More Venezuelan Oil to Asia as War Roils Supply

Jun 11, 2026

Commodity traders Trafigura and Vitol are expanding Venezuelan crude sales to Asian refiners amid rising local production and Middle East supply disruptions caused by the Iran war.

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Trafigura and Vitol Sell More Venezuelan Oil to Asia as War Roils Supply

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